CROWLEY MARITIME COMPLETES TENDER OFFER FOR MARINE TRANSPORT
Crowley Maritime Corp. said Tuesday it has completed its tender offer and has accepted 6.1 million shares of Marine Transport Corp. common stock.
The shares represent 98 percent of Marine Transport's total outstanding common stock, which Crowley is purchasing at $7 per share.
Crowley said it plans to promptly complete the previously announced merger and will acquire the remaining untendered Marine Transport shares, subject to appraisal right.
Marine Transport has four main business lines: chemical parcel transportation, refined petroleum transportation, crude oil lightering and ship management.
“Each of these businesses complement the service offerings of other Crowley business units. We also share common customers and a commitment to environmental responsibility and integrity,” said Thomas B. Crowley Jr., chairman, president and chief executive officer of Crowley Maritime.
“The chemical business is new to Crowley and one that we are very excited about adding to our core capabilities,”Crowley said.
Oakland, Calif.-based is a family-and-employee-owned company specializing in logistics, marine transportation and related services, with operating subsidiaries including Crowley Liner Services, Crowley Marine Services, Crowley Petroleum Transport and Crowley Logistics.